Thailand leads APEC 2022 to “Open. Connect. Balance.”
This year Thailand has been given the honor of hosting APEC, the Asia-Pacific region’s premier economic forum. The role has presented Thailand with a diverse array of opportunities, from showcasing its own economic achievements and presenting its aspirations for the region to mobilizing important mechanisms for economic progress.
The Asia-Pacific Economic Cooperation, or APEC, is comprised of 21 economies with the primary goal of supporting “sustainable economic growth and prosperity in the Asia-Pacific region”.
Established in 1989 with Thailand as one of the founding members, the cooperation has, for over three decades, been actively working to “ensure that goods, services, investment, and people move easily across borders”, acknowledging the interdependence of the region’s economies.
Members facilitate trade through expedited customs procedures, conducive business environments, and alignment of regulations and standards.
Guiding Thailand’s hosting of APEC in 2022 is the theme “Open. Connect. Balance.”, which is conceptualized with the express purpose of advancing APEC towards economic recovery in a post-COVID-19 world and bringing about resilient, inclusive, balanced and sustainable long-term economic growth.
Steering APEC to be “Open to all Opportunities”, Thailand seeks this year to restart the conversation on the Free Trade Area of the Asia-Pacific, or FTAAP, with inclusion of matters brought into focus by the spread of COVID-19. Openness has been highlighted as crucial this year as the pandemic hindered the flow of essential goods and services across borders and aggravated trade restrictions, making it important for APEC to remove barriers to trade and deepen economic integration.
For APEC to “Connect in all Dimensions”, Thailand supports the safe resumption of seamless cross-border travel, helming a Safe Passage Taskforce that has worked to facilitate the flow of commerce and travel and fostering “regenerative tourism” designed to revive small businesses and other sectors impacted during border closures.
Particularly emphasized this year is Thailand’s call for “Balance in All Aspects”. Looking to match APEC economic progress with social and environmental sustainability, Thailand has supported intergenerational exchanges and women’s economic empowerment. Most notably, Thailand has promoted its Bio-Circular-Green (BGC) Economy Model, a framework for business and commerce that combines three sustainable practices to ensure sustainability into the future.
Actualizing the APEC theme of “Open. Connect. Balance.” through 2022, Thailand has utilized its hosting of the cooperation to usher APEC into the post-COVID-19 era and help ensure the long-term viability of its objectives.
